Scott Sohr functions as an entrepreneur with over three decades of experience. By applying his expertise in multiple sectors including real estate investment, healthcare, administration, and engineering materials, Scott Sohr has been instrumental in setting up various new business ventures. Apart from his involvement in many organizations, he also serves as chairman of Built Technologies, Inc.
Incorporated about three years ago, Built Technologies serves as an information technology and service-oriented company based in Nashville, Tennessee. It is an enterprise technology company with the primary motive of facilitating effective and efficient online management of construction lending to minimize risk and ensure transparency in construction portfolios. The company produces collaboration and administrative software and applications targeted towards construction lenders, pledgers, builders, and auditors that have become the industry standard.
With the slogan of delivering immediate value to your operation, Built Technologies’ clients have on average about three to five base points (bps) additional interest income per loan and an average return of $2.00 to $2.50 per dollar invested in the company. In acknowledgment of its performance, the company has been awarded on many occasions, including its recent selection as one of the finalists of the FinXTech Awards.
Nashville-based professional Scott Sohr has established himself as an investor, entrepreneur, and start-up guru. Through his involvement in STS Venture, Scott Sohr has contributed to the development of over 13 start-ups in the healthcare, technology, real estate, and environment sectors.
Starting a business is a major step, hence, entrepreneurs should be aware of the challenges they may face when starting a new business. Below are some of the common start-up problems that one might encounter in the initial days of the venture:
1. Lack of funding – One of the biggest challenges for the start-up entrepreneur is financial. A past study shows that over 79 percent of small businesses failed because they had too little start-up capital. The lack of capital is attributed to entrepreneurs failing to look at the worst-case scenario and being too optimistic without provisioning adequate cash flow or the possibility of slow sales and poor market conditions.
2. Incompetent human capital – It is important to gather the right team to oversee the company’s management; a competent staff is a must for a successful future. A good team should be able to design a good business module and provision better financial management as well as understand market needs and help produce products accordingly. Nevertheless, finding the right team can be quite tricky, as the start-up may initially lack adequate funding.
3. Making connections – In business, networking and professional connections play an important role in building trust and broadening business opportunities. However, for small start-ups, it is a challenge to provide a service and simultaneously extend its network. Hence, it is necessary for start-ups to plan ways to meet their needs with minimal time and financial resources.
A graduate of the Owen School of Management at Vanderbilt University, Scott Sohr serves as the president of STS Ventures, a startup incubator based in Nashville, Tennessee. In this capacity, Scott Sohr helps early stage startups develop their businesses and ultimately succeed in fields ranging from health care and homebuilding to technology and finance.
Startup incubators are collaborative programs that provide services such as seed funding, mentoring, training, and workspace. In exchange for these services, startup businesses typically provide some type of equity ownership for the owner of the incubator.
Startup companies benefit from the resources offered by incubators, which often include accounting assistance, legal guidance, and office space. With these essential functions handled by the incubator, entrepreneurs are free to focus on bringing their product to market. Mentorship opportunities at incubators enable entrepreneurs to learn from the experiences of others and develop a sound organizational strategy.
In terms of networking, incubators naturally connect motivated entrepreneurs who wish to make an impact in their respective markets. Indeed, entrepreneurs often end up working with people they meet in incubators later in their careers.
Technology entrepreneur Scott Sohr operates as the president of STS Ventures, a startup incubator headquartered in Nashville, Tennessee. In his leadership role with the company, Scott Sohr has developed a number of successful companies in fintech and real estate, including Built Technologies.
Headquartered in Nashville, Built Technologies enables fast, efficient communication between homebuilders, building inspectors, and the lending bank. Once the application for a home construction loan has been submitted, Built begins assembling lenders, borrowers, and closing companies. Over the course of the project, inspectors can update draw sheets in real time, which are then sent to loan officers for authorization. In this way, the Built platform eliminates some of the most time-consuming procedures in the home construction process.
On average, lenders increase average returns by $2.00 to $2.50 per dollar spent on the Built platform. In addition to increasing administrative capacity twofold to threefold, lenders see an additional 3 to 5 bps of interest income on each loan.